Technology
Mechanical Connectors Market to Grow by USD 4.77 Billion (2024-2028), Driven by Rising Demand in Automotive Industry, AI Transforming the Market Landscape – Technavio
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5 hours agoon
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NEW YORK, Nov. 22, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global mechanical connectors market size is estimated to grow by USD 4.77 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.6% during the forecast period. Increasing demand for mechanical connectors in automotive industry is driving market growth, with a trend towards product launches. However, fluctuating raw material prices of mechanical connectors poses a challenge.Key market players include 3M Co., ABB Ltd., Axis Electrical Components India Pvt. Ltd., Birkett Electric Ltd., Componect AG, Conex Metals, Connector Subsea Solutions, Conway, Electrofocus Electricals, HellermannTyton GmbH, Hirpara Metal Industries, Hubbell Inc., Nexans SA, NILED, NSI Industries LLC, Panduit Corp., Prysmian Spa, Raychem RPG Pvt. Ltd., STATS Group, TE Connectivity Ltd., and Tempo Communications Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Aluminum, Copper, Brass, and Others), Application (Automotive, Industrial, Aerospace and defense, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
Region Covered
APAC, North America, Europe, South America, and Middle East and Africa
Key companies profiled
3M Co., ABB Ltd., Axis Electrical Components India Pvt. Ltd., Birkett Electric Ltd., Componect AG, Conex Metals, Connector Subsea Solutions, Conway, Electrofocus Electricals, HellermannTyton GmbH, Hirpara Metal Industries, Hubbell Inc., Nexans SA, NILED, NSI Industries LLC, Panduit Corp., Prysmian Spa, Raychem RPG Pvt. Ltd., STATS Group, TE Connectivity Ltd., and Tempo Communications Inc.
Key Market Trends Fueling Growth
The Mechanical Connectors market is experiencing significant growth due to the increasing demand for fixed broadband connections with higher bandwidth. Fiber optic connectors and coaxial cables are popular choices for high-speed data transfer in various sectors. Internal cables & connectors are essential for electronic systems integration in industries like Telecom, Defense, and Oil & Gas. External cables & connectors are crucial for power and signal transmission in Infrastructure Development and Data Centre Investments. Miniature connectors find applications in consumer electronics, automotive sector, and automation technology. Factors like urbanization, raw material prices, and governmental policies impact the market. Fiber optic connectors, copper, and high-speed connectors are key products driving the market. Emerging technologies like 5G, IoT, and autonomous vehicles also provide opportunities. Industries like Aerospace and Defense, Energy & Power, and Submarine Communication are significant consumers.
The Mechanical Connectors Market is witnessing significant growth as key players are strategically expanding their product portfolios through new product launches. In February 2022, Nexans introduced a new mechanical power connector to their GPH cable connectors and cable lugs range for medium-voltage cables. Likewise, HellermannTyton launched cast resin cable joints in May 2022, featuring a cable connector and constant force springs with straight ends for effortless installation. These new offerings enable companies to cater to diverse end-user requirements and boost their market presence. International and local players dominate the market, with new product launches being a popular growth strategy.
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Market Challenges
The Mechanical Connectors Market is experiencing significant growth due to the increasing demand for fixed broadband connections with higher bandwidth. Fiber optic connectors and coaxial cables are popular choices for high-speed data transfer in various sectors. These include Telecom, Military & Defense, Commercial, Civil, Oil & Gas, Energy & Power, Submarine Communication, Digital Data Storage, Automotive Sector, Electric Vehicles, Infrastructure Development, Data Centre Investments, and more. Challenges in this market include raw material prices, signal transmission, and power transmission in various applications such as electronic systems, electrical systems, urbanization, consumer electronics, automation technology, autonomous vehicles, and more. Additionally, the telecom sector’s shift towards 5G technology and IoT technology requires miniature connectors, PCB connectors, and high-speed connectors. Industrialization, governmental policies, and aerospace and defense also impact the market. Copper’s electrical conductivity continues to drive demand for mechanical connectors in various industries. The market’s future looks promising with the ongoing infrastructure development, urbanization, and advancements in technology.The cost of raw materials significantly influences the pricing of mechanical connectors. Key materials used in their manufacturing include aluminum, copper, and brass. Fluctuations in demand from industries utilizing these materials can impact their prices negatively. Additionally, international political scenarios can cause imbalances in the supply and demand of these raw materials, leading to price fluctuations. For instance, in March 2022, aluminum contracts reached record highs of USD3,820/t. Producers must closely monitor these trends to maintain competitive pricing.
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Segment Overview
This mechanical connectors market report extensively covers market segmentation by
Type 1.1 Aluminum1.2 Copper1.3 Brass1.4 OthersApplication 2.1 Automotive2.2 Industrial2.3 Aerospace and defense2.4 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Aluminum- Aluminum connectors are cylindrical components used for terminating electrical wires in machines and electrical equipment, particularly in applications where vibration is a concern. These connectors are commonly found in military, automotive, industrial, and medical equipment. Military-grade aluminum connectors have metal outer shells for sealing. Commercial-grade aluminum connectors are also widely used in industries and automotive applications. TE Connectivity Ltd. And 3M are notable vendors offering aluminum connectors like the AMPLIMITE Ultra-Lite D-Subminiature connector and the metal D-SUB aluminum lightweight connector, respectively. The increasing demand for lightweight miniature connectors is driving market growth, making aluminum connectors a significant segment in the overall market.
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Research Analysis
The Mechanical Connectors Market is witnessing significant growth due to the increasing demand for Fixed Broadband Connections with higher bandwidth. Fiber Optic Connectors and Coaxial Cables are the primary types of mechanical connectors, finding extensive applications in various industries. Internal Cables & Connectors and External Cables & Connectors are essential components in numerous systems, including those used in Military & Defense, Commercial, Civil, Oil & Gas, Energy & Power, Electronic systems, and Electrical systems. Signal transmission and power transmission are the major applications for mechanical connectors. Urbanization, Consumer electronics, Automation technology, Automotive segment, Advanced safety features, Autonomous vehicles, and the Telecom sector are some key areas driving the market’s growth. The market is also influenced by raw material prices and technological advancements such as 5G technology and IoT technology.
Market Research Overview
The Mechanical Connectors Market is witnessing significant growth due to the increasing demand for Fixed Broadband Connections with higher bandwidth. Fiber Optic Connectors and Coaxial Cables are the primary types of mechanical connectors, with the former gaining popularity in telecommunications, data centers, and infrastructure development due to their superior signal transmission capabilities. Internal Cables & Connectors and External Cables & Connectors are essential components in various industries, including Military & Defense, Commercial, Civil, Oil & Gas, Energy & Power, Submarine Communication, Digital Data Storage, Automotive Sector, Electric Vehicles, and Infrastructure Development. The market is also driven by the growing demand for High-Speed Data Transfer, Urbanization, Consumer electronics, Automation technology, Autonomous vehicles, Telecom sector, 5G technology, IoT technology, Miniature connectors, PCB connectors, and Quick connectors. Raw material prices, Electronic systems integration, Copper’s electrical conductivity, Industrialization, Governmental policies, High-speed connectors, and applications in Aerospace and defense are other factors influencing the market’s growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeAluminumCopperBrassOthersApplicationAutomotiveIndustrialAerospace And DefenseOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/mechanical-connectors-market-to-grow-by-usd-4-77-billion-2024-2028-driven-by-rising-demand-in-automotive-industry-ai-transforming-the-market-landscape—technavio-302313566.html
SOURCE Technavio
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Sleighing the Digital Divide with Black Friday Tech Deals
Published
2 hours agoon
November 22, 2024By
Holiday Mix & Match Deal puts tech and accessories under your tree for $200 or less!
DETROIT, Nov. 22, 2024 /PRNewswire/ — This holiday season, Human-I-T, a nonprofit dedicated to providing equitable access to technology, is making it easier than ever for holiday shoppers to access affordable tech while giving back to their community. The “Mix and Match Deal,” allows individuals to purchase devices and accessories at prices that fit any budget—all while supporting efforts to close the digital divide.
“For the past 12 years, Human-I-T has been laser-focused on three things: making technology accessible and affordable, offering digital navigation support to those who need it most, and saving our planet by keeping e-waste out of landfills,” said Graeme Jackson, Marketing and Content Manager at Human-I-T. “The ‘Holiday Mix & Match Deal’ helps us achieve all three goals, and the best part is that everyone benefits.”
Available from Friday, November 29th, through Monday, December 30th, the deal offers customers the chance to bundle one device—a tablet, Chromebook, or 2-in-1 device—with one accessory of their choice, including JBL speakers, headphones, a protective laptop sleeve, or a wireless keyboard for $200 or less.
For families, students, or job seekers who may struggle to afford essential technology, this initiative is more than a sale—it’s a lifeline. Human-I-T believes that in today’s digital world, access to reliable technology isn’t a luxury; it’s a basic human right.
“This isn’t just about shopping,” added Jackson. “It’s about providing hope, opportunity, and connection to those who need it most. When you shop with us, you’re not only getting a great deal—you’re helping to change lives.”
The Mix & Match Deal is only available for a limited time. By shopping at Human-I-T’s online store customers can brighten their holiday while directly supporting underserved communities.
Don’t wait—login to the Human-I-T store today
and give the gift of technology that gives back!
View original content to download multimedia:https://www.prnewswire.com/news-releases/sleighing-the-digital-divide-with-black-friday-tech-deals-302314632.html
SOURCE Human-I-T
Technology
Metal Machining Market to Expand by USD 18.43 Billion (2024-2028), Driven by Rising Demand in Oil and Gas Industry, Market Evolution Powered by AI – Technavio
Published
2 hours agoon
November 22, 2024By
NEW YORK, Nov. 22, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global metal machining market market size is estimated to grow by USD 18.43 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.03% during the forecast period. Growing demand for metal machining in oil and gas industry is driving market growth, with a trend towards growing adoption of automation in metal machining. However, high costs associated with metal machining industry poses a challenge. Key market players include AMADA Co. Ltd., Atlas Copco AB, Bystronic Laser AG, DMG MORI Co. Ltd., DN Solutions Co. Ltd., Guangzhou Komaspec Mechanical and Electrical Products Manufacturing Co. Ltd., IPG Photonics Corp., Jet Edge Inc., JTEKT Corp., Matsu Manufacturing Inc., Messer Cutting Systems Inc., Okuma Corp., Otter Tail Corp., Sandvik AB, Shenyang Yiji Machine Tool Sales Co. Ltd., TRUMPF SE Co. KG, Yamazaki Mazak Corp., FANUC UK Ltd, Mayville Engineering Co. Inc., and Jenoptik AG.
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Metal Machining Market Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 4.03%
Market growth 2024-2028
USD 18.43 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
3.71
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 43%
Key countries
US, China, Japan, India, and Germany
Key companies profiled
AMADA Co. Ltd., Atlas Copco AB, Bystronic Laser AG, DMG MORI Co. Ltd., DN Solutions Co. Ltd., Guangzhou Komaspec Mechanical and Electrical Products Manufacturing Co. Ltd., IPG Photonics Corp., Jet Edge Inc., JTEKT Corp., Matsu Manufacturing Inc., Messer Cutting Systems Inc., Okuma Corp., Otter Tail Corp., Sandvik AB, Shenyang Yiji Machine Tool Sales Co. Ltd., TRUMPF SE Co. KG, Yamazaki Mazak Corp., FANUC UK Ltd, Mayville Engineering Co. Inc., and Jenoptik AG
Market Driver
The Metal Machining Market is experiencing significant trends in machine tools, CNC technology, and automation. CNC lathes, CNC laser machines, and specialized machines like teach-T are popular choices for metalworking processes. Vendors like HireCNC, NUM, and Synthesis offer comprehensive data and reliable market analysis, helping small and medium-sized businesses make informed vendor selections. Advancements in technology include innovative cutting tools, efficiency improvements, waste reduction, and product quality enhancement. Smart cutting tools and performance optimization are key to increasing productivity and accuracy. Predictive analytics and real-time quality assurance are essential for maintaining high product quality. Sectors like automotive, aerospace, construction, and industrial manufacturing are major consumers of metal components and require precision and quality. Key sectors include automotive for mass production, aerospace & defense for high-performance components, and industrial machinery for heavy-duty applications. The market landscape includes various tools and equipment like metal cutting tools, handheld devices, saws, grinders, shears, and specialized machines. IoT integration and 3D printing are also transforming the industry. Despite the high initial cost, the benefits of CNC technology and automation outweigh the investment for profitability and production efficiency. Vendor analysis is crucial for selecting the right CNC machines, PLCs like Codesys V3, and ARM CPUs for optimal performance.
Vendors in the metal machining market are enhancing their product offerings by incorporating automated equipment in their machining and fabrication shops. Automation streamlines production processes, boosts productivity, and maximizes machine uptime. Continuous operation of automated systems leads to increased output. Automation offers design flexibility, enabling precise parts production with tight tolerances and unique configurations. It is a cost-effective and efficient method for manufacturing intricate products with high accuracy.
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Market Challenges
The Metal Machining Market is a significant sector, encompassing machine tools, machinists, CNC technology, and various tools and equipment for metal cutting. Challenges include high initial costs, fluctuating raw materials, and the need for automation and profitability in production facilities. CNC lathes, CNC laser machines, and specialized machines like CNC milling machines dominate the market. Sectors like automotive, aerospace, construction, and industrial manufacturing utilize these machines for metalworking processes, prioritizing quality, precision, and efficiency. Advancements in technology bring innovative cutting tools, smart cutting tools, and performance optimization. Vendors like HireCNC, NUM, and FlexiumPro CNC platform offer solutions with CNC technology, IoT, and real-time quality assurance. Vendor selection is crucial for accurate market data, with reliable data analysis essential for profitability. Market sectors include automotive, aerospace, construction, industrial manufacturing, and more. Key players include CNC machines, saws, grinders, shears, gearboxes, disk brakes, and clutch plates. Cross-border trade and 3D printing are emerging trends. Vendor landscape analysis, including Codesys V3 PLC, ARM CPU, and Synthesis, is crucial for informed decision-making. Predictive analytics and quality assurance are essential for productivity increase and accuracy improvement.The global metal machining market involves the use of equipment such as CNC machines, lathes, and milling machines for metal fabrication. The high cost of purchasing and maintaining this machinery may restrict entry for small manufacturers and startups, potentially limiting market expansion. Energy consumption is significant in metal machining processes, particularly during cutting, shaping, and finishing operations. Energy-intensive processes increase operating costs, especially in areas with high electricity prices or limited energy access. Regular maintenance, repairs, and equipment upgrades are necessary for optimal performance and productivity, adding to expenses through spare parts, servicing contracts, and machine downtime.
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Segment Overview
This metal machining market market report extensively covers market segmentation by
Application 1.1 Automotive1.2 Construction1.3 Aerospace1.4 OthersType 2.1 Laser cutting machine2.2 Plasma cutting machine2.3 Flame cutting machine2.4 Waterjet cutting machinesGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Automotive- The automotive industry is a major consumer of metal machining products, accounting for a significant share of the global metal machining market. Metal parts, including bus bars, electrical contacts, terminals, lead frames, shields, and clips, are extensively used in various vehicle components such as chassis, fuel delivery systems, motors, engines, batteries, alternators, and brake systems. The increasing demand for personal mobility solutions, particularly in urban areas, is driving the growth of the automotive industry. Factors like population growth and government initiatives, such as incentives and regulations promoting electric vehicle adoption, are further fueling this demand. For instance, in Europe, new car registrations grew by 17.8% between June 2022 and June 2023. In India, electric vehicle sales increased by around 49.25% year-on-year to 15,29,947 units in 2023. Major automotive manufacturers, like Toyota and Volkswagen, are expanding their manufacturing capacity and introducing new models to cater to this growing demand. These developments will increase the need for metal machining products, thereby driving the growth of the global metal machining market.
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Research Analysis
The Metal Machining Market encompasses a comprehensive range of machine tools and equipment used for metal cutting and shaping. Machinists utilize various tools such as CNC lathes, milling machines, saws, grinders, shears, and specialized machines to manufacture metal components. The integration of advanced technologies like E and P systems, Industry 4.0, and automation has significantly increased profitability and production efficiency. The market is witnessing in demand for 3D printing technology, which is revolutionizing metal machining by enabling rapid prototyping and customization. Handheld devices and metal cutting tools are also gaining popularity due to their portability and ease of use. The Metal Machining Market continues to evolve, offering endless opportunities for innovation and growth.
Market Research Overview
The Metal Machining Market encompasses a comprehensive data analysis of machine tools, including CNC lathes, CNC laser machines, and specialized machines, used for metal cutting and shaping in various sectors such as automotive, aerospace, construction, industrial manufacturing, and metalworking processes. The market is driven by advancements in technology, innovations in CNC technology, and automation, leading to improvements in product quality, efficiency, and productivity. The integration of Industry 4.0, IoT, and big data analytics enables real-time quality assurance and predictive analytics for profitability and performance optimization. Vendor landscape includes key players offering solutions such as HireCNC, NUM, FlexiumPro CNC platform, Codesys V3 PLC, ARM CPU, and more. The market caters to small & medium-sized businesses and large-scale production facilities, with sectors like automotive and aerospace leading in mass production. The market includes various metal cutting tools, handheld devices, saws, grinders, shears, and specialized machines. The market faces challenges such as high initial costs and fluctuating raw material prices. Cross-border trade is a significant factor in the market’s growth, with various industrial machinery sectors like food & beverage, aerospace & defense, military equipment, and transport machinery utilizing metal machining technologies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationAutomotiveConstructionAerospaceOthersTypeLaser Cutting MachinePlasma Cutting MachineFlame Cutting MachineWaterjet Cutting MachinesGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/metal-machining-market-to-expand-by-usd-18-43-billion-2024-2028-driven-by-rising-demand-in-oil-and-gas-industry-market-evolution-powered-by-ai—technavio-302313579.html
SOURCE Technavio
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Minister Wilkinson highlights the government’s tax break for all Canadians and new Working Canadians Benefit
Published
2 hours agoon
November 22, 2024By
NORTH VANCOUVER, BC, Nov. 22, 2024 /CNW/ – The past few years have been challenging. It feels like the price of everything has gone up. And while inflation is back to the 2 per cent target and interest rates have been cut four times this year, we know that Canadians aren’t yet feeling that in their household budgets.
Our government can’t set prices at the checkout, but we can give Canadians more money in their pockets – to help them afford the things they need and save for the things they want.
Today in North Vancouver, Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, visited local restaurant Akbar Joojeh 16th to highlight the government’s plan to put more money in Canadians’ pockets.
As Prime Minister Justin Trudeau announced on November 21, starting December 14, we’re giving a tax break to all Canadians. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, snacks, children’s clothing, and gifts – all tax-free.
This new tax break will apply to:
Prepared foods, including pre-made meals and salads, vegetable trays, and sandwiches.Restaurant meals, whether dine-in, takeout, or delivery.Snacks, including chips, candy, and granola bars.Beer, wine, and cider.Children’s clothing, footwear, car seats, and diapers.Children’s toys, such as board games, dolls, and video-game consoles.Books, print newspapers, and puzzles, for all ages.Christmas trees.
This tax break is projected to last until February 15th. This will deliver meaningful savings for Canadians by making essentially all food GST/HST free, providing real relief at the cash register.
Working Canadians will also get some cash back. We’re doing this by providing a new Working Canadians Rebate. That means, Canadians who worked in 2023 with net earnings up to $150,000, will see a $250 cheque in their bank account or mailbox, starting early spring. With the Working Canadians Rebate, we are putting money directly into the pockets of the middle-class – those who have worked so hard to beat inflation. This will give 18.7 million Canadians that extra help to buy what they need.
We encourage Parliament and all parties to get this legislation passed quickly and unanimously, so workers and working families get more money in their pockets.
Families will be spending quality time together over the coming weeks. Some will light Christmas trees for Santa to put gifts underneath. Some will share meals with family and friends. Some might just make hot chocolate, order some take out, and stay in for a movie night. With today’s announcements, we’re making the holidays easier and helping Canadians start the new year with a little more in their pockets.
Quote
“The holiday season is when expenses are highest for many families in North Vancouver—even with inflation back down to 2 per cent and interest rates being cut four times this year. With new tax relief on groceries and holiday essentials, plus a $250 rebate for working Canadians, we are reducing costs when they are highest for Canadians. This means you can focus more on celebrating with family and friends, and start the new year off with a little extra money in your bank account.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
Quick Facts
The GST/HST would be fully relieved on the supply or importation of qualifying goods for a period beginning on December 14, 2024, and ending on February 15, 2025. Further details on the qualifying goods are available here.A family spending $2,000 on qualifying goods, such as children’s clothing, shoes and toys, diapers, books, snacks for the house, or restaurant meals would pay $100 less GST over the two-month period.Canadians who have claimed tax credits for Canada Pension Plan/Quebec Pension Plan contributions or for Employment Insurance (EI) or Quebec Parental Insurance Plan (QPIP) premiums, and those who reported income from EI or QPIP benefits, with individual net income below $150,000 in 2023, would be eligible for the Working Canadians Rebate. Eligible Canadians would begin receiving the payments starting in early spring 2025.The government is focused on making life more affordable for Canadians, with actions that are already saving families and individuals thousands of dollars a year, including:A new National School Food Program, with $1 billion over five years to provide meals for up to 400,000 more kids each year, ensuring all children have the food they need to have the best start in life, regardless of their family circumstances. The Program is expected to save the average participating family with two children $800 per year in grocery costs, with lower-income families benefitting the most.More money through the Canada Child Benefit, to help with the costs of raising children and make a real difference in the lives of children in Canada. The Canada Child Benefit, which is providing up to nearly $8,000 per child in 2024-25, is indexed annually to keep up with the cost of living and has helped lift hundreds of thousands of children out of poverty since its launch in 2016.Saving families up to $14,300 per child, per year with the Canada-wide $10-a-day child care system, which has already cut fees for regulated child care to an average of $10-a-day or less in over half of all provinces and territories and by 50 per cent or more in all others.Saving families about $730 per year with the Canadian Dental Care Plan, which is already available for children under 18, with family incomes under $90,000, because no one should have to choose between taking care of their kids’ teeth and putting food on the table.
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